Of Special Interest


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18th October 2011

NBNK, Virgin and Flowers bid for Northern Rock

NBNK, Virgin Money and JC FLowers are confirmed as the bidders for Northern Rock, the bank that was nationalised during the early stages of the banking crisis.

NBNK is headed by Gary Hoffman, a former Chief Executive of Northern Rock and who agreed not to become involved with a bid for his former employer before November 1st of this year. UK Financial Investments, the sovereign financial holding company and Northern Rock board both agreed that this personal undertaking should be waived in order to increase the number of biddders. NBNK was formed by Lord Levene, the former chairman of Lloyds of London to buy UK banking assets and the company is also bidding for the 632 branches to be sold by Lloyds Banking.

JC Flowers and Virgin Money both had entered bids earlier this year.